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Steem Daily Forecast 09-07-2017 by bateman

View this thread on: hive.blogpeakd.comecency.com
· @bateman ·
$73.60
Steem Daily Forecast 09-07-2017
![09-07-2017.png](https://steemitimages.com/DQmcrzqypyrx23x7AkBMroL9seraT7UT2cqmaoPGejcmG7r/09-07-2017.png)

### Steemit Daily Stats (Sunday, June 9th, 2017)


#### Price

![](https://steemitimages.com/DQmSutzJwPW7uvoAREXQpt9ebMafGgaTw6r9MTdgQsiTNG8/image.png)

#### Posts

![](https://steemitimages.com/DQmSt3MHsdRoNXERyLQ8MmHWjroMMEJwfQ3jPtV2BkHCQJv/image.png)

#### Daily Payouts (USD)

![](https://steemitimages.com/DQmc27qFuEwnEbSbg9398eZs3pFz59zF7pN3vUfAAYJozmb/image.png)

### Macro Events

Reward Pool continues to recalibrate and find it's equilibrium. Funds added per day must balance with claimed funds to reach equilibrium. 

https://steemdb.com/api/funds
https://steemdb.com/api/rewards

Stats show the balancing is nearly complete. 

Rewards should soon correlate better with the price. 

### Technicals

![](https://steemitimages.com/DQmZoHpKyjgoKHkSNhUzZCyFjgzSZnGT9U4h6b3GGZDzxmA/image.png)


Price of STEEM has now tested and broken the horizontal support that has held on two previous bounces. 

A rally after touching ~55,000 sats on the downside was nullified just under the monthly pivot of ~69,000 sats. 

A failure to break and close above the pivot leaves us in a continuation of the short term bear trend. 

The strong exit of the orderblock highlighted yellow shows strong resistance at around 76,000 sats. 

I expect the price to continue to bleed towards the previous low of ~55,000 sats and likely visit the previous monthly pivot at ~45,000 sats.

Higher time frame shows a possible head and shoulders pattern forming with the neckline at a round figure of ~40,000. 

A complacency rally to trap more short term day trader bulls will complete the right shoulder at around the ~63,000 sats level.

Diagram below shows the potential channel we are entering as well as the potential head and shoulders pattern.

![](https://steemitimages.com/DQmNgBamhh6oWXSgFpK4pZs4LBp1ro19Ne3NUQpvgueiSp1/image.png)

#### As always be mindful of the Bitcoin price. STEEM/USD is a synthetic pair with no active markets. This is why all of my analysis is conducted with respect to STEEM/BTC. A sharp fall in BTC price will mean a sharper fall in STEEM price in terms of USD.


#### Steem daily forecast is updated daily. Format is yet to be set in stone. Please upvote follow and resteem

~Bateman
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
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@abhishekaggarwal ·
great post. upvoted and resteemed..
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@bateman ·
Cheers.
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@arcange ·
Congratulations @bateman!
Your post was mentioned in my [hit parade](https://steemit.com/hit-parade/@arcange/daily-hit-parade-for-beginners-20170709) in the following category:

* Pending payout - Ranked 4 with $ 133,6
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@cryptotalking ·
Like the information you provide with the charts!
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@bateman ·
Sure thing. Keep following for daily updates.
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@cyberblock ·
Ive been waiting for a good entry point, Ive noticed patterns with other good quality small cap coins. They tend to hold approx 50% of there gains after a huge growth, then slowly stabilize and eventually flatline before entering there next phase. Have you noticed this trend before.
👍  
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@bateman ·
This actually happens in less illiquid markets. The likely scenario for STEEM is that it requires a much steeper decline to reach capitulation.
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@dine77 ·
nice post upvoted 
follow @dine77
pls do check my last 2 blogs upvote if like
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@bateman ·
Thanks. ok.
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@frederichs ·
Nice is the word every time I see some graphics, whenever it has to do with criptomonedas, thanks for your valuable contribution my friend,
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@gunsmasterrock ·
the steem is stable in price or i think so
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@bateman ·
I do my analysis based on price action. I try to be unbiased and open to the possibility of STEEM entering a bear market.  The price of BTC continued to fall for 1.5 years or so from previous ATH despite wider adoption and maturing industry. Th same could happen with STEEM.
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@lazarescu.irinel ·
Good post @bateman.
Upvote and Follow!
👍  
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@bateman ·
Thanks.
👍  
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@mohammedfelahi ·
nice
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@r-a-h-u-l · (edited)
So much detail. How much time do you spend analysing all this and working them out. Nice and informative work btw.
👍  
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@bateman ·
You're welcome, if you find it useful then i'm happy to oblige.  I'm used to analysing charts, I do it for a living. Collecting other data takes a little longer.
👍  
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@sakshibansal ·
I must say this is really amazing. Someone is daily analysing the trends and helping others. Great work.
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@scout-adventures ·
I cant imagine how much time and effort you put in this analysis. Thank you for the information!
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@bateman ·
No problem. It's for the good of the community. I hope everyone appreciates it.
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@sweetsssj ·
thanks for this bateman, I saw some other people making analysis of steem but they seemed to be very positive whilst yours is leaning on the negative. Are you saying that we'll be heading down?
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@bateman ·
I am maintaining neutral bias. Like I mentioned in the analysis, the short to mid-term outlook is bearish. Long term the price of STEEM remains bullish.
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@tylersr ·
Hey @bateman, is it ok that I used one of your graphs in my post? I cited you and this article.
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@bateman ·
yes sure.
👍  
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vote details (1)
@wreckitralph81 ·
Great article! Upvoted and followed
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@yoda1917 ·
Hi @bateman   

When funds need to be put back into the rewards pool, who is putting it in?

And when you say they are taking it out, is  that just people transferring steem into bitcoins to get the cash?

And what does 'sat' mean?

Other parts that I do understand are awesome.  I will check out every one of these.  

upvoted


Thanks
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@bateman ·
The system is trustless such that by design, the reward pool is funded each day by a calculation of the price. 

People who claim or cash in their rewards are simply claiming from the reward pool. They do not necessarily have to sell for bitcoin or whatever. Just thee allocation of the daily funds to authors and curators. 

"Sat" is 0.00000001 Bitcoin. It is the smallest unit of Bitcoin.
👍  
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vote details (1)
@yoda1917 ·
Thank you, I understand now
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